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Absence of Compounding Provisions in the Black Money Act-Whether needs to be overlooked

October 16, 2020[2020] 120 taxmann.com 219 (Article)
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Coming straight to the point, under aegis of the Income Tax Act, 1961 a more stringent and rigorous enactment i.e. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) has been notified w.e.f 1st July, 2015. The need and genesis of the enactment of the Black Money Act lies in taxing the undisclosed asset/money which is lying abroad. It can be briefly stated that as per the statement of objects and reasons of the Black Money Act,
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